February 2009 - Around The Web

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FEDS 2009-11: Salience and Taxation: Theory and Evidence

Published Tue, Mar 03 2009 9:08 AM by www.federalreserve.gov

This paper presents evidence that consumers underreact to taxes that are not salient and characterizes the welfare consequences of tax policies when agents make such optimization errors. The empirical evidence is based on two complementary strategies...
The Term Securities Lending Facility: Origin, Design, and Effects.

Published Tue, Mar 03 2009 9:07 AM by www.newyorkfed.org

Michael J. Fleming, Frank Keane, and Warren B. Hrung. The Term Securities Lending Facility: Origin, Design, and Effects. Federal Reserve Bank of New York Current Issues in Economics and Finance , Volume 15, Number 2.
February Economic Summary in Graphs

Published Sat, Feb 28 2009 12:57 PM by Calculated Risk Blog

Here is a collection of 20 real estate and economic graphs from February ... Click on graphs for larger image in new window. New Home Sales in January The first graph shows monthly new home sales (NSA - Not Seasonally Adjusted). Note the Red column for...
Berkshire Reports Worst Year Ever

Published Sat, Feb 28 2009 12:56 PM by Wall Street Journal

Berkshire Hathaway's net sank 96% in the fourth quarter. Warren Buffett said credit markets turned "nonfunctional."
Why Some 'Weathy' Americans May Avoid Higher Taxes

Published Sat, Feb 28 2009 12:56 PM by CNBC
Obama Defends His Budget as ‘a Threat to the Status Quo’

Published Sat, Feb 28 2009 12:56 PM by feeds.nytimes.com

Saying he would defend his budget plan, President Obama on Saturday cast himself as a populist crusader willing to do battle with special interests.
Regulators close banks in Illinois, Nevada

Published Fri, Feb 27 2009 9:44 PM by www.washingtonpost.com

NEW YORK -- Regulators on Friday closed Heritage Community Bank in Illinois, and Security Savings Bank in Nevada, marking 16 failures this year of federally insured institutions.
AIG talks weigh securitizing life policies: source

Published Fri, Feb 27 2009 9:44 PM by Reuters

NEW YORK (Reuters) - American International Group Inc may securitize some U.S. life insurance policies and have the interest rate on a government loan lowered, as talks continue to help the insurer deal with its financial problems, a source familiar with...
The Fed: Fed presidents square off over credit policy

Published Fri, Feb 27 2009 9:44 PM by www.marketwatch.com

Two Federal Reserve bank presidents square off over the central bank’s new credit easing policy, with one describing it as essential and the other saying the jury is still out.
BORROWERS: FANNIE MAE NEIGHBORS PROGRAM

Published Fri, Feb 27 2009 5:40 PM by www.efanniemae.com

FannieNeighbors® is a nationwide, neighborhood-based mortgage option designed to increase homeownership and revitalization in census tracts designated as underserved by the U.S. Department of Housing and Urban Development (HUD).
Chase: Two-Thirds of WaMu Mortgages Impaired

Published Fri, Feb 27 2009 1:55 PM by www.thetruthaboutmortgage.com

More interesting tidbits from Chase’s investor day. Chase said two-thirds of the $173.5 billion in mortgages picked up via its acquisition of Washington Mutual assets were deemed “impaired.” That’s $116.7 billion in bad loans, though Chase said it has...
Economic Data Cheat Sheet

Published Fri, Feb 27 2009 1:19 PM by US Treasury

Quarterly Economic Statistics
Treasury Announces Participation in Citigroup's Exchange Offering

Published Fri, Feb 27 2009 11:34 AM by US Treasury

Citigroup is planning to strengthen its capital structure through conversion of a significant portion of its preferred securities to common equity in a series of exchange offers.
Citigroup: World’s Worst Investment to Get Even Worse

Published Fri, Feb 27 2009 8:59 AM by feedproxy.google.com

Losers double down. That’s the classic trading rule which the USA is about to violate in an enormous way. According to trading maven , one should “never, ever, ever, under any circumstance, add to a losing position.” And yet that is what we are about...
NAHB To Obama: “Robbing Peter To Pay Paul Won’t Work”

Published Fri, Feb 27 2009 8:58 AM by housingdoom.com

It’s not often that I agree with the NAHB. [National Association of Home Builders] However, when I read that they felt that financing the president’s health care initiative by reducing the value of mortgage interest and RE tax deductions could be counterproductive...
Treasury to take 36% Citi stake

Published Fri, Feb 27 2009 8:58 AM by www.ft.com

The US Treasury is to convert some of the preferred stock it holds in struggling Citigroup into common stock, a step that will give it a significant stake in the bank
Bank failures put pressure on FDIC

Published Fri, Feb 27 2009 8:58 AM by www.ft.com

The list of 'problem' banks grew by almost 50 per cent in the fourth quarter, the Federal Deposit Insurance Corporation said, stoking fears that further bank failures could put the agency's deposit insurance fund under severe pressure
HUD secretary, Congress debate foreclosure plans

Published Thu, Feb 26 2009 5:18 PM by www.washingtonpost.com

WASHINGTON -- Against a backdrop of record-low new home sales, Housing Secretary Shaun Donovan told lawmakers the lending industry is set to launch the Obama administration's $75 billion foreclosure prevention program next week.
Judge tosses most claims in Citigroup lawsuit

Published Thu, Feb 26 2009 5:18 PM by www.washingtonpost.com

DOVER, Del. -- Corporate directors cannot be held liable for taking risks that result in enormous financial losses unless they do so in bad faith or with conscious disregard of their fiduciary obligations to the company, a Delaware judge has ruled in...
PIMCO MARCH INVESTMENT OUTLOOK

Published Thu, Feb 26 2009 5:03 PM by www.pimco.com

“Where’s the bottom?” someone shouted at a recent PIMCO staff meeting. “Which market?” I shot back, which sort of ended the conversation, but provided little else in the way of an answer.

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February 2009 - Around The Web

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